Heat oven to 350 degrees F. Coat a 9 x 5 x 3-inch loaf pan with nonstick cooking spray.
.In medium-size bowl, combine flour, baking powder and salt. Set aside. In a large bowl, beat butter with an electric mixer until smooth. Add sugar and beat until light-colored, about 2 minutes. Add eggs, one at a time, beating well after each addition. On low speed, beat in half the flour mixture. Scrape down side of bowl and beat in milk. Add remaining flour mixture and the almond extract and beat until smooth. Spread into prepared pan.
Bake cake at 350 degrees F for 1 hour, 5 minutes or until crowned and set. Cool in pan on wire rack for 10 minutes, then invert to remove and cool upright on rack.
In medium-size bowl, combine confectioners' sugar, 4 teaspoons water and the almond extract. Whisk until smooth. Spread over cooled cake and top with toasted nuts. Let icing dry at least 15 minutes before slicing.